April 7, 2021 - (Gold Market Wire) - We were almost there...but 'almost' doesn't really cut it in the trading arena. Yesterday was perfect example. We were on the verge of setting up, by getting close to the resistance line. There was a lot going in the bulls' favor, as we pointed out, but we admonished in our subtitle "now for the tough part...". Indeed - it was. As we have said so often over the past two months, it was yet another 'bridge too far.'

And so, we remain on the sidelines, as we have been for weeks now. It's boring to watch, no doubt. But a lot better than losing money. As we can see from the chart above, the 50 and 100 day moving averages are slowly working their way together and we must be concerned that there could be another dramatic sell-off before the Metals turn around and move higher. The Eur/USD has now made its way all the way to 1.19, so yesterday's close out looks a decent move. We are left with no position in the market from the trading aspect. A proper retracement in the US Dollar could be in the offing, but it remains questionable as to whether or not that will help Gold and Silver.

Still, amidst the boredom, one must recognize that we are less than 20% off of our recent highs, and that, really is not the way a secular bull market ends. There are many bullish elements supporting Gold, not the least of which is re-emergent inflation in lumber, industrial metals and food. The precious metals are lagging. They are unlikely to lag forever.